Multiple Streams (Sources) Of Income, Part 2

by C.S. Clarke, Ph.D.

In my earlier article on multiple streams of income (http://superperformance.com/10-Ideas-for-Multiple-Streams-of-Income.php), I focused on independent sources rather than the concept of multiple sources from within the same business. I wanted to cover the possibilities for both small business and individuals. Diversifying your offerings within your same business niche is a good idea.

Here, I want to talk about both the solid reasoning and the hype involved in the popular ideas about multiples streams of income from your own established business. (By "established," I mean already up and running with customers/clients and income.) But first let's look at the sensible possibilities. Here's a brief list of the most usual suggestions:

1. If you make a product, can you write a book about the product? Or can you write a course of instructions on how to make the product?

2. If you offer a service, can you turn it into a product? For example, if you are a marketing coach, can you make video classes on self-promotion?

3. If you make a product in one form, can you spin it off into other forms? For example, if you have a book, can it be transformed into a membership website, a series of reports, an email class?

4. Are there products or services closely related to your primary offering that you can add into your mix? For example, if you have a website that recommends active vacations like surfing tours or dude ranches, can you start carrying books, videos and other products that introduce people to performing the various activities offered at those vacation spots?

So, yes, you can imagine how it might be possible to profitably diversify your offerings. I've seen quite a few suggestions on this kind of diversification that are hype-free. But a few folks do downplay the amount of work involved and emphasize how easy it is to learn the skills for and implement the processes for creating those offerings.

Writing an ebook is one of the most often suggested strategies. And while it is not rocket science, it's a good idea to remember that writing well is hard work. (Actually, I sometimes think rocket science must be easier.) Formatting an ebook is an additional skill. Not only do you have to learn the technology, you also have to understand the art and psychology behind presenting information in an attractive way. While amateurish efforts used to be more acceptable, readers are getting pickier. People do judge a book (or ebook) by its cover (and layout) as much as its content.

Furthermore, the more acceptable ebooks these days are those which are converted from print books. If you're going to do an ebook that is more than a report or white-paper, you're best advised to publish it first as a print book. It's ok if you self-publish it through a vendor like Lulu.com or CreateSpace.com.

The point is, though, that it's no easy job.

The same can be said for the new rage in making videos. Whether for promotion or for sale as products, you need videos that have a professional look. The folks who are encouraging you to make them (and showing you how easy it can be to do so once you take their course), are professionals. Their demonstrations are made using their professional skills and experience acquired over many years. Even if you take their courses, you'll still need the practice and experience to make your videos look as professional as theirs. You're not making something for YouTube.

Please understand, I'm not discouraging you from adding the products or services suggested. On the contrary, I believe you should go for it. Just be aware that there is a learning curve involved and a number of additional skills that you will have to study than what appears on the surface. Or, you will have to hire people to do the work for you. And that can get pretty expensive. That's why there are so many people selling do-it-yourself info products for developing books, ebooks, audios and videos.

It isn't easy as sometimes portrayed. It isn't as fast as often depicted. In fact, it is very time-consuming. But it is doable. And some of your early efforts may be good enough to sell. Many beginners have done it. You can, too.

You can add multiple products and/or services to your established small business. You can profit from doing so. It is quite worthwhile.

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Dec-09-2016